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April 14, 1987
<br />
<br /> WHEREAS, pursuant to resolutions adopted by the Council
<br />(the "Council") of the City of Portsmouth. Virginia (the
<br />"City") on November 9, 1982 and November 23, 1982, there were
<br />authorized, issued and sold $22,000,000 aggregate urincipal
<br />amount of the City's general obligation Public Improvement
<br />Bonds, dated as of December 1, 1982 and maturing serially in
<br />the principal amount of $1,100,000 On December 1 in each Of
<br />the years t983 to 2002, both inclusive, and bearing interest
<br />payable on June 1, 1983 and semiannually on each June 1 and
<br />December 1 thereafter (the "1982 Publio Improvement Bonds");
<br />and
<br />
<br /> WHEREAS: the 1982 Public Improvement Bonds maturing on
<br />and after December 1, 1993 are subject to redemption at the
<br />option of the City on or after December 1, 1992 upon the
<br />terms and at the redemption prices stated in the 1982 Public
<br />Improvement Bonds and in the aforementioned resolutions
<br />adopted by the Coun¢it on November 9~ 1982 and November 23,
<br />19~2; and
<br />
<br /> WHEREAS, the City desires to issue the Bonds (as
<br />hereinafter defiued), among other things, to provide for the
<br />refundiag prior ~o their stated maturities and redemption on
<br />December 1, 1992 of the ]982 Public Improvement Bonds
<br />maturing on December 1 in each of the years 1993 to 2002,
<br />both inclusive (the same being hereinafter referred to as
<br />the u1982 Refunded Public Improvement Bonds"); and
<br />
<br /> WHEREAS, pursuant to resolutions adopted by the
<br />Council on October 1, ]985 and October 29, 19.85, there were
<br />&~tthorized, issued and sold $20,150,000 aggregate principal
<br />amonnt of the City's general obligation Public Improvement
<br />Bonds, dated as of November 1, 1985 and maturing serially in
<br />the principal amount of $1,005,000 on NOvember 1 in each of
<br />the years 1986 to 2004, both inclusive, and in the Drincipal
<br />amotmt of $1,055,000 on Nov~nber 1 in the year 2005 and
<br />bearing interest payable on May 1, 1986 and semiannuall~ on
<br />each May 1 and November 1 thereafter (the "1985 Public
<br />Improvement Bonds" ); and
<br />
<br /> WHEREAS, the 1985 Public Improvement Bends
<br />ma~uring on and after November 1~ ~996 are subject to
<br />redemption on or after November 1, 1995 upon the terms and
<br />at the redemption prices stated in the 1985 Public
<br />Improvemeu~ Bonds and in the aforementioned resolutions
<br />adopted.by the Council on October 1, 1985 and October 29,
<br />1985; and
<br />
<br /> ~HEREAS, the City desires to issue the Bonds,
<br />among other things, to provide for the refunding prior to
<br />their stated maturities and redemption on November 1, 1995
<br />of the 1985 Public Improvement Bonds maturing on November 1
<br />in each of the years ~996 to 2005, both inclusive (the "~985
<br />Refunded Public Improvement Bends"); and
<br />
<br /> WHEREAS, on October 14, 1986 and on November 25,
<br />the Council adopted resolutions, entitled "A RESOLUTION
<br />AUTHOriZING THE ISSUANCE OF $5,470,000 OF GENERAL OBLIGATION
<br />BONDS OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF
<br />PROVIDING FUNDS TO PAY THE COST OF VAi~IOUS L~PROVEMENT
<br />PROJECTS ~F SUCH CITY AND AUTHORIZING AN~ PROVIDING WITH
<br /> RESPECT T0 THE ISSUANCE AND SALE OF ~ LIKE PRINCIPAL AMOUNT
<br />OF GENE~ OBLIGATION BOND ANTICIPATION NOTES IN ~NTICIPA-
<br />TION OF T~E ISSUANCE AND RECEIPT OF THE PROCEEDS OF SALE OF
<br /> SUCH BONDS" and "A RESOLUTION AUTHORIZING THE ISSUANCE OF
<br /> $I,665,~00 OF GENERAL OBLIGATION BgNDS OF ~HE CIT~ O?
<br /> PORTSMOUTH, VIRGINIA FOR THE PURPOSE OF PROVIDING FUNDS TO
<br /> PAY THE COST OF VARIOUS IMPROVEMENT PROJECTS OF SUCH CITY
<br /> AND AUTHORIZING AND .ROVIDING WIT~ RESRECT TO THE ISSUANCE
<br /> AND SALE OF A LIKE PRINCIPAL ~40U~ OF GENERAL OBLIGATION
<br /> BOND ANTICIPATION NOTES IN A~TICIPATtON OF THE ISSUANCE AND
<br /> RECEIPT OF THE PROCEEDS OF SALE OF SUCH BO~DS",
<br /> respectively, authorizing the issuance of general obligation
<br /> Publi~ Improvement Bonds to pay t~e costs of various public
<br />
<br />
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